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HONG KONG, Feb 18, 2019 - (ACN Newswire) - On 15 February 2019 (after trading hours), GTI Holdings Limited ("GTI" or the "Group"; code of stock listed on Hong Kong Exchanges and Clearing Limited: 03344.HK) announced that it entered into the Placing Agreement with the Placing Agent RIFA Securities Limited with respect to placing, pursuant to which the Placing Agent will procure on a best effort basis not fewer than six Places, who will be Independent Third Parties, to subscribe for up to 354,000,000 Placing Shares of the Group at the Placing Price of HK$0.18 per Placing Share. The 354,000,000 Placing Shares represent approximately 6% of the existing issued share capital of the Group and approximately 5.66% of the issued share capital of the Group as enlarged.
The Placing Price represents a discount of approximately 11.330% to the closing price of HK$0.203 per Share on the date of the Placing Agreement, and a discount of approximately 12.62% to the average closing price per Share of approximately HK$0.206 as quoted on The Stock Exchange of Hong Kong for the last five consecutive trading days up to and including the Last Trading Day. The gross proceeds from the Placing are approximately HK$63,720,000. The net proceeds from the Placing, after the deduction of the placing commission and other related expenses, are estimated to be approximately HK$62,227,000. The net proceeds will be used as the general working capital, for repayment of liabilities of the Group and/or for future business development.
Mr. Poon Sum, the Executive Director and the Chairman of the Group said: "The placing of shares is in line with the overall interests of the Group and its shareholders, and will provide the Group with an opportunity to expand its shareholder base and capital base while raising funds, providing strong support for the Group's business development."
GTI is principally engaged in textile business, trading of petroleum, and provision of financial services. In 2018, affected by the China-US trade war, the global economy fluctuated slightly, which affected the overall market landscape in the textile industry. Therefore, the Group vigorously expanded into more different overseas markets to disperse risks. Meanwhile, the Group predicts that the increase in income and consumption in Mainland China will result in higher demand for middle-range and high-end textiles, thus it is actively considering cooperating with its business partners to sell branded textile products in Mainland China. Trading of petroleum is one of the three principal revenue generators of the Group. Given rapid growth of revenue from trading of petroleum and an upward trend of petroleum price, the Group will continue to vigorously develop the petroleum trading business in Hong Kong.
In recent years, under the leadership of the Chairman Mr. Poon and the Board of Directors, the Group has been energetically developing different business lines, such as clearing for the People's Bank of China and gas supply. In addition, on the basis of petroleum trading, the Group has expanded into the petroleum service field. The Group will step up its efforts to develop the petroleum service business. This year, the Group has carried on the petroleum service business, with its main partner being Daqing Oilfield of CNPC.
About GTI Holdings Limited
GTI Holdings Limited (formerly Addchance Holdings Limited) is an investment holding company principally engaged in production and sale of textile products. The Company and its subsidiaries operate through three segments. The segment of production, sale and trading of textile products engages in production and sale of textile products, such as dyed yarn, cardigan, jumper and other types of sweater, as well as sock and hose products. The petroleum trading segment engages in petroleum trading through Group Profit Holdings Limited. The financial service segment renders asset management service. Furthermore, the Company also provides services for the petroleum industry, including development of petroleum drilling technologies and rendering of technical services.
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Topic: Press release summary
Source: GTI Holdings Limited
Sectors: Daily Finance, Daily News
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From the Asia Corporate News Network
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